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Old 07-06-2014, 12:19 PM   #1
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Boat Insurance Companies

I'll be buying a 37 Tolly within the next two weeks and I assume I will need to insure it before we move it to it's new morage. So any thoughts on who to insure the boat with? I have already applied for a quote from Boat US. Yes I did search the forum.
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Old 07-06-2014, 12:44 PM   #2
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We use to have Boat US as well and still do the towing package but after shopping some we found a TF member Pau Hana who found a comparable package for significantly less. Do a search for Pau Hana and contact Peter to get a quote. Good Guy.

Peter@anchormarinenet.com. Peter Ricks.

You will get a comparison Quote that you will like.
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Old 07-06-2014, 12:46 PM   #3
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Old 07-06-2014, 12:53 PM   #4
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We experienced serious hull damage 2 weeks ago. We are insured by Markel, thru Al Golden at IMIS. The grounding occurred on Wed, June 25th. The extent of damage was determined by a diver on Thurs, June 26th. The insurance company was notified of the claim on June 26th. The boat was hauled on the 26th, surveyed by an adjuster on the 26th, and examined by a contractor on the 26th. All information was forwarded to Markel's claims examiner by the adjuster on Sun, Jun 29th. Claim was approved on Mon, Jun 30th and repair work was started on Mon, Jun 30th. The amount of the claim is in excess of $10,000. Needless to say, we are more than happy to recommend both Al Golden (IMIS) and Markel, tremendous service from both the broker and the insurance company.
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Old 07-06-2014, 01:15 PM   #5
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I've used Rich Haynie Insurance in Seattle for several years and have been very happy with them. When my 330 Sundancer got hit by a BUI they were very helpful in getting my claim resolved and the $$$ for a replacement boat.
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Old 07-06-2014, 01:18 PM   #6
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Quote:
Originally Posted by Pierce View Post
I'll be buying a 37 Tolly within the next two weeks and I assume I will need to insure it before we move it to it's new morage. So any thoughts on who to insure the boat with? I have already applied for a quote from Boat US. Yes I did search the forum.
Insurance isn't required as a condition of vessel ownership unless your lienholder (if applicable) requires it, or your marina requires it.

That being said, a marine calamity can happen suddenly, and the costs involved can escalate far beyond the means of most- especially if pollution and wreck removal are involved.

The greatest advice I offer is to read your policy- the devil is in the details, and there are traps aplenty that you can avoid. Your agent should be able to discuss and explain the policy details so you understand them.

Take price out of the equation when researching coverage- it's a false indicator. Coverage limits must be the determining factor.

I'd be happy to chat when you have time.
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Old 07-06-2014, 01:32 PM   #7
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I'll be buying a 37 Tolly within the next two weeks and I assume I will need to insure it before we move it to it's new morage. So any thoughts on who to insure the boat with? I have already applied for a quote from Boat US. Yes I did search the forum.
I've had Boat US for over 12 years. Rates have stayed relatively stable and no additional surveys, but we live in the PNW, so not a high risk area. They don't demand surveys every 4 or 5 years at your expense like most of the other companies. If they do it's generally in the water and they pay for the survey. Be sure and ask that question when you're shopping insurance. The company I switched from, after no claims in 22 years, began asking for a survey every 3 years at my expense, because the boat was over 20 years old.

I also like that Boat US is very active in the boating community standing up for boaters rights legislatively and they are a strong voice in congress. They produce a monthly members magazine full of many interesting and informative articles. They also offer on line boater training classes and certification for your state boaters permit/license/card. Lot's of support you won't get anywhere else!!
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Old 07-07-2014, 01:16 AM   #8
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Thanks very much for the replies gentlemen! You have given me much food for thought. Literally!!
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Old 07-07-2014, 02:19 AM   #9
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Be very careful to know exactly what they cover and don't. Environmental is one of the huge areas of difference as is salvage. Are there limitations on area of use?

I'd recommend finding a broker you really feel you can trust though who educates you as to the differences. In addition to the brokers mentioned here, Pantaenius has a good reputation. Read the complete policy before buying.
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Old 07-07-2014, 07:06 AM   #10
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On the Bayliner forum Paul Hana wrote a comprehensive article on insurance that they kept as a sticky.
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Old 07-07-2014, 01:13 PM   #11
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On the Bayliner forum Paul Hana wrote a comprehensive article on insurance that they kept as a sticky.
Here you go:

Bayliner Owners Club - BOC Forum - Topic: Vessel insurance 101 (Very simplified!!!) (1/2)
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Old 07-07-2014, 09:55 PM   #12
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One of Peter's first comments in his Bayliner post is to read the policy. I'd say this on any insurance policy, although auto is more standard. But people incur huge losses on homes and boats because they aren't covered for something they thought they were. It's also important to read to know exactly what your obligation is in the event of a problem.
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Old 07-08-2014, 05:45 AM   #13
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The advice to read your boat policy is a good. I suggest you check around the internet for articles and postings on what to look for in a policy before you read it. There are things such as replacement value, actual cash value, hidden defects, consequences of mechanical breakdown, racing and on and on which have a real effect on whether you will be covered in a situation. If you have a list of what to look for you will be able to spot your policy's provision. It is best to know these before you have the claim.
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Old 07-08-2014, 09:18 AM   #14
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The advice to read your boat policy is a good. I suggest you check around the internet for articles and postings on what to look for in a policy before you read it. There are things such as replacement value, actual cash value, hidden defects, consequences of mechanical breakdown, racing and on and on which have a real effect on whether you will be covered in a situation. If you have a list of what to look for you will be able to spot your policy's provision. It is best to know these before you have the claim.
Although I've read and reviewed 100's of policies in my life, we also have others read the policy. We have a lost control professional in our businesses who handles all our business insurance and also our personal for us (yes our business does charge us for that) and she does and our attorney does.
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Old 07-08-2014, 03:26 PM   #15
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Call Mary at ALTinsurancegroup in Anacortes. She has more Tollys insured than anyone.
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Old 07-08-2014, 03:35 PM   #16
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Call Mary at ALTinsurancegroup in Anacortes. She has more Tollys insured than anyone.
Respectfully, I cannot agree. ALT Insurance primarily represents Premier Insurance, a company bused in Vancouver, BC, and underwritten by Lloyds of London.

The Premier policy covers you for any “external” cause of loss subject to the exclusions vs. the any other marine insurance insurer that will pay any loss subject to the exclusions. The word “external” in the policy is a major loophole and we’ve seen many claims denied because the insured could not show that the cause was external (originating outside the vessel).

Just because an insurance company writes a large number of a brand of boat doesn't mean too much when the policy is pretty weak.
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Old 07-08-2014, 04:58 PM   #17
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Once upon a time I collected a file of the actual policies. Admittedly after reviewing them all with a fine tooth comb (including Premier), I personally went with Chubb. Not at all the cheapest policy, but about the best written. I've been thinking of switching though to save some money as I know too many Tolly owners(including one on the fire in LaConner), who have had nothing but good luck when the time came to need it.

As far as Premier, I had them once in the past. I had a problem that originated with the agent (Anchor Marine) telling me that things expensive things were not covered that actually were (latent defect clause). Cost me about 20K by the time I figured it out. That's when I had the motivation to start reading policy's line by line and learn things such as latent defect clauses.

Premier has been very interested in the business they have picked up from the Tolly's. From what I have seen, they have stepped up to the plate and have not hassled folks on claims.

I'm not quite so sure about the "many" claims denied, or the sneaky language. If I could find the policy, I could better form an opinion, though I do recall they were in my top 3 of the best policies.

But maybe the language is not the most important thing after all. I've see Mary as an agent really support her clients in ways that others did not. I think this is a fanatically important aspect.

When I was with a former agency, they did everything they could to prevent claims. I wish I was smarter then, because I know for a fact that where I was trusting my agent to be my go between, i should in fact have been speaking with the company personally. Hard way to learn. I also know some other boating acquaintances, more recently who go screwed over by the same folks. In that case I had to laugh to myself when they told me of a salvage/"surveyor" who I knew from my diving days who did an absolute hatchet job on a survey to allow a claim to be denied. If it wasn't for the fact that I knew "all about" this particular surveyor and when/why you call him I would not have been any wiser as a consumer. I don't know how widespread these hijinks are in the local boat insurance community, but I know enough now that it certainly goes on and its intentional, not innocent mistakes. I would not go through anyone I did not know I could trust, just too much to lose.

So I guess what i'm saying here, is that the choice of agent is at least as important as the insurer. I would not have said that ten years ago. Hopefully that's a sign of doing something right.
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Old 07-08-2014, 05:19 PM   #18
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Chubb is a good policy, ghost.

I can send you the Premier policy if you'd like - I keep them on file. I also have a binder of denied claims on the shelf for claims such as these. We rolled (moved) a large book of business from Premier because of claims such as these, and lost money in the process.

With regards to Anchor Marine- I'd like to know more about your claim challenges, as I am with them. PM me your info, so I can research what happened with your claim. If the "former agency" you refer to is also Anchor Marine, tell me more- I am the VP of Anchor Marine, and would like to know specifics of how an agency "was doing everything they could to prevent claims." An agent or agency cannot prevent claims- we can only do as the client requests.

Please advise.
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Old 07-08-2014, 05:28 PM   #19
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I agree. I've known Mary one of the owners of ALT insurance for 15 or 20 years, her boat is near me. She does not have my boat insurance, mainly because I'm happy with who I have.

I've heard good things about Premier Ins. and my boating friends who have had claims with them were happy with the results. During the LaConner boat fire, that Ghost referred to, I know Mary was at the fire scene and was communicating by phone with her out of town boat owners who had boats in Shelter Bay Marina. I believe she had one 50' that was a total loss and another with some damage. Within a week of the fire she took them to dinner and handed them a check from Premier for their loss.

That's what you're looking for insurance.
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Old 07-08-2014, 05:56 PM   #20
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Peter, I'll do you the courtesy to take this offline with you at this point. This was many years ago and I did not know that this was your agency when I made the post. I'm happy to provide the particulars.
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